The Financial Post reports in its Wednesday edition that SNC-Lavalin chief executive officer Neil Bruce has departed after a turbulent year in which the company's stock dropped by more than half amid looming criminal charges and repeated missteps in its operations.
The Post's Gabriel Friedman writes that chief operating officer Ian Edwards will assume Mr. Bruce's role on the board, and as CEO on an interim basis, and plans to meet with shareholders during the next two months and undertake a "strategic" review of how to simplify and de-risk the business, according to a company statement.
It marks an abrupt end to Mr. Neil's almost four-year tenure as CEO, during which time its stock mostly rallied higher. Last October, however, after federal prosecutors announced they would not invite the company to settle criminal charges, the company faltered on multiple fronts. It missed earnings, botched contracts and lost clients in major markets, and some investors became increasingly vocal in their frustration with the way Mr. Bruce communicated setbacks.
"I think he completely lost the confidence of shareholders, and all stakeholders," said David Taylor at Taylor Asset Management. SNC closed Tuesday at $25.35, up $1.65.
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